What is the purpose of advisory services?
Ultimately, consulting services are about helping your customers solve their biggest problems and achieve their biggest goals. These are unique to every company and the interface between your needs and your skills forms the basis of advice. Without a clear distinction between services, some companies offer consulting services and are paid for compliance work at the same time. That was a big change for ACT Services, an 11-person company in Indianapolis, said Mark Fuqua, CPA, CGMA, the company’s manager of customer accounting and customer advisory services.
Counseling services can provide you with an excellent growth opportunity, both in terms of income and professional development. AICPA also provides examples of consulting services, which include “a study to review and improve operational processes, analysis of an accounting system, assistance with strategic planning, and the definition of information system requirements. When a problem or opportunity arises and the owner or management isn’t sure what decision to make, you generally need business advice. Many business owners started their businesses because they know how to make a product, grow a plant, sell a product, or provide a service.
Compliance and advisory services are interdependent advisory services that require a foundation of up-to-date, accurate books to provide actionable insights. The term customer service refers to a wide variety of services that CPAs can offer, from outsourced business processes (the virtual back office) to consulting services to virtual CFO and controller services. Finally, consulting services enable you to build deeper relationships with your customers and truly become part of their team. Jason has been with CP%26S for approximately 22 years and is active in various service areas, including tax, auditing, and business consulting.
According to Mark Fuqua, CPA, CGMA, manager of customer accounting and consulting, the first package consists of “traditional tax and accounting, the afterthought stuff.” Bundled services can help turn annual compliance commitments into monthly or quarterly consultations where you can share your consulting expertise. To select the first customers to offer your CAS services to, Merhib says you should review your customer list and identify those who could benefit from more advice and insights, not to mention the customers who are willing to pay for and invest in that added value.
References:
- 7 tips for starting a client advisory services practice – Journal of Accountancy
- What Are Accounting Advisory Services? Here's What You Need to Know | FreshBooks Blog
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Ultimately, consulting services are about helping your customers solve their biggest problems and achieve their biggest goals. These are unique to every company and the interface between your needs and your skills forms the basis of advice. Without a clear distinction between services, some companies offer consulting services and are paid for compliance work at…